dc.contributor.author | Huang, Pidong | |
dc.contributor.author | Igarashi, Yoske | |
dc.date.accessioned | 2015-06-19T14:09:11Z | |
dc.date.issued | 2014-09-18 | |
dc.description.abstract | Zhu (2003) shows existence of full-support monetary steady states with strictly concave value functions in a random matching model with individual money holdings in {0,1,2,…,B} for a general B. He also shows that corresponding to each such steady state is an l-replica steady state for each l∈N: money is traded in bundles of l units, the support is {0,l,2l,…,lB}, and the value function is a step-function with jumps at points of the support. We show that such l-replicas are unstable if the underlying full-support steady state is a pure strategy steady state and if the support of the initial distribution is not {0,l,2l,…,lB}. | en_GB |
dc.identifier.citation | Vol. 55, pp. 177-185 | en_GB |
dc.identifier.doi | 10.1016/j.jmateco.2014.09.005 | |
dc.identifier.uri | http://hdl.handle.net/10871/17622 | |
dc.language.iso | en | en_GB |
dc.publisher | Elsevier | en_GB |
dc.relation.url | http://www.sciencedirect.com/science/article/pii/S0304406814001153 | en_GB |
dc.relation.url | http://www.journals.elsevier.com/journal-of-mathematical-economics/ | en_GB |
dc.rights.embargoreason | 18 month embargo to comply with publisher's policy and agreement with HEFCE. | en_GB |
dc.rights | © 2014, Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ | en_GB |
dc.subject | Random matching model | en_GB |
dc.subject | Monetary steady state | en_GB |
dc.subject | Instability | en_GB |
dc.subject | Zhu (2003) | en_GB |
dc.title | The instability of some non-full-support steady states in a random matching model of money | en_GB |
dc.type | Article | en_GB |
dc.identifier.issn | 0304-4068 | |
dc.description | Article | en_GB |
dc.description | This is the author's accepted manuscript. A definitive version was subsequently published in Journal of Mathematical Economics, vol. 55, pp. 171-185 http://dx.doi.org/10.1016/j.jmateco.2014.09.005. | en_GB |
dc.identifier.journal | Journal of Mathematical Economics | en_GB |